Private businesses in the US hired 978 thousand workers in May of 2021, well above a downwardly revised 654 thousand in April and forecasts of 650 thousand. It is the highest reading since June of 2020 as the labor market continues to recover amid a rapid reopening, despite labor and raw material shortages. The service-providing sector added 850 thousand jobs led by leisure & hospitality (440 thousand); education & health (139 thousand); trade, transportation & utilities (118 thousand); professional & business (68 thousand); and financial activities (20 thousand) while the information sector lost 3 thousand jobs. The goods-producing sector added 128 thousand jobs, boosted by rises in construction (65 thousand), manufacturing (52 thousand) and natural resources and mining (10 thousand). Companies of all sizes experienced an uptick in job growth, reflecting the improving nature of the pandemic and economy.
CONTINUING JOBLESS CLAIMS SEEM TO HAVE STABILISED AT 3.7mln, GRADUALLY APPROACHING THE 25 YEARS AVERAGE
Continuing jobless claims in the US, which measure unemployed people who have been receiving unemployment benefits for a while, rose to a ten-week high of 3.77 million in the week ending May 22nd, from a revised 3.60 million a week before and above market expectations of 3.615 million